Tax credits helping parents (Child Tax Credits)

Member Name: Rhiana

Product:	Child Tax Credits
Date:	06/02/09 (150 review reads)
Rating:

Advantages: Its extra cash for parents.

Disadvantages: You need to really keep them upto date or can be overpaid

Tax credits are paid to people responsible for at least one child. The amount you recieve depends upon the number of children you have, and your income. You are usually assessed on your previous years income, but if your current annual income changes I find it best to inform tax credits right away, rather than waiting for the annual review pack and finding you have been overpaid!
I've heard all the horror stories regarding overpayments of tax credits, but I haven't had any problems at all in the 5 years I have claimed them. I have found that by keeping the tax credits people uptodate on changing circumstances and increases in income , rather than waiting for the annual review pack wich is sent out in April, seems to keep you on track. Once you have recieved your annual review pack, you can submit the information by telephone straight away, or by the enclosed form you have until July.

Summary: Can be the difference between the breadline and not